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Can the Share Economy Conquer Stagflation?

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  • William Nordhaus

Abstract

This paper analyzes Weitzman's contention that a share economy will significantly improve the unemployment-inflation tradeoff. It is shown that the argument rests on a critical proposition that share contracts lead to labor's being in perpetual excess demand. The basis of this proposition is challenged using a wide variety of models of the labor market. The paper concludes that the microeconomics of share economies differs little from that of wage economies, and that a widespread introduction of share contracts is unlikely to improve macroeconomic performance.

Suggested Citation

  • William Nordhaus, 1988. "Can the Share Economy Conquer Stagflation?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(1), pages 201-217.
    • Handle: RePEc:oup:qjecon:v:103:y:1988:i:1:p:201-217.
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    File URL: http://hdl.handle.net/10.2307/1882649
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    Cited by:

    1. Cardoso, Renato Fragelli, 1995. "Profit Sharing With Heterogeneous Entrepreneurial Prowess," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 15(2), November.
    2. Antal, Miklós, 2014. "Green goals and full employment: Are they compatible?," Ecological Economics, Elsevier, vol. 107(C), pages 276-286.
    3. Pablo González, 2002. "Profit Sharing Reconsidered: Efficiency Wages and Renegotiation Costs," Documentos de Trabajo 151, Centro de Economía Aplicada, Universidad de Chile.
    4. Cardoso, Renato Fragelli, 1997. "Mandatory profit sharing, entrepreneurial incentives and capital accumulation," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 318, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
    5. Gary W. Florkowski, 1994. "Employment Growth and Stability under Profit-Sharing: A Longitudinal Study," British Journal of Industrial Relations, London School of Economics, vol. 32(3), pages 303-318, September.
    6. Bernard Bensaïd & Serge Federbusch & Robert Gary-Bobo, 1990. "Sur quelques propriétés stratégiques de l'intéressement des salariés dans l'industrie," Revue Économique, Programme National Persée, vol. 41(4), pages 621-650.

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